links for 2010-02-15

President Barack Obama Saturday touted the importance of long-term deficit reduction, saying the United States must go through its budget line by line and figure out ways to save money.

If Dubai was floating a trial balloon with a rumored debt offer proposing a scant 60 cents on the dollar, it may have to think again. Stock markets tumbled and bankers turned glum following a report that Dubai World was mulling offering creditors two options, neither one reassuring to investors already spooked by Dubai's debt debacle.

Could Spain be the next Greece? The government bristles at the very thought, and points out its debt burden isn't nearly as heavy.

States are looking to the federal government for more help balancing their budgets, but the Senate is not heeding their call.

Wall Street tactics akin to the ones that fostered subprime mortgages in America have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts.